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The balance sheet or statement of financial condition is a summary of the value of all assets and liabilities for a particular department. The difference between the assets and the liabilities is known as the net assets or the fund balance of the department. The assets consist of, but are not limited to cash, investments, receivables, accrued income, prepaid expenses, inventories, buildings, equipment, and accumulated depreciation. The liabilities consist of, but are not limited to accounts payable, accrued compensation, deferred revenue, benefits reserves, and notes and bonds payable.

The Income Statement or Source/Use Report is a financial statement for departments that indicates how much fund balance they possess. The purpose of the income statement is to show managers and department heads the amount of revenue or sources coming in versus the amount of expenses or uses going out. The revenue sources consist of general fund appropriations, general fund transfers, revenue from federal and non-federal grants and contracts, gifts, endowment distributions, investment distributions, external department revenue, and internal department recharge.

Purpose

A Department is a value that identifies an academic or administrative unit. It can also be used to identify a specific type of activity within a unit.